Financial Collapse in Europe is Near – Prepare Yourself

The financial world is rapidly approaching a day of reckoning
Photo: iStockPhoto.com

The financial world is rapidly approaching a day of reckoning

Financial collapse in Europe is getting close.

All across the western world, governments and major banks are rapidly becoming insolvent. So far, a total collapse has been averted because central banks are throwing around lots of bailout money. However, the public is growing tired of having to foot the bill for more and more bailouts. We are told that each successive bailout will correct the problem. Yet with each bailout, the situation just becomes worse and worse.

This debt crisis is unprecedented in world history. Europe has had a very difficult time keeping Greece afloat. Now, several larger European countries are on the verge of a major financial crisis. In addition, there are a growing number of large financial institutions all over the world that are approaching a day of reckoning. The global financial system is an ocean of red ink. When we get to the point where there are hundreds of ships going under how is it going to be possible to bail all of them out?

Right now, the banking system in Europe is coming apart at the seams. Because the global financial system is so interconnected today, when major European banks start to fail it is going to have a cascading effect across the United States and Asia as well.

Many people in politics and in the financial world know what is about to happen. Once in a while they slip up and are quite candid with the media.

Here are 12 shocking quotes from insiders that are warning about the horrific economic crisis that is unfolding…

#1 George Soros: “Financial markets are driving the world towards another Great Depression with incalculable political consequences. The authorities, particularly in Europe, have lost control of the situation.”

#2 PIMCO CEO Mohammed El-Erian: “These are all signs of an institutional run on French banks. If it persists, the banks would have no choice but to delever their balance sheets in a very drastic and disorderly fashion. Retail depositors would get edgy and be tempted to follow trading and institutional clients through the exit doors. Europe would thus be thrown into a full-blown banking crisis that aggravates the sovereign debt trap, renders certain another economic recession, and significantly worsens the outlook for the global economy.”

#3 Attila Szalay-Berzeviczy, global head of securities services at UniCredit SpA (Italy’s largest bank): “The only remaining question is how many days the hopeless rearguard action of European governments and the European Central Bank can keep up Greece’s spirits.”

#4 Stefan Homburg, the head of Germany’s Institute for Public Finance: “The euro is nearing its ugly end. A collapse of monetary union now appears unavoidable.”

#5 EU Parliament Member Nigel Farage: “I think the worst in the financial system is yet to come, a possible cataclysm and if that happens the gold price could go (higher) to a number that we simply cannot, at this moment, even imagine.”

#6 Carl Weinberg, the chief economist at High Frequency Economics: “At this point, our base case is that Greece will default within weeks.”

#7 Goldman Sachs strategist Alan Brazil: “Solving a debt problem with more debt has not solved the underlying problem. In the US, Treasury debt growth financed the US consumer but has not had enough of an impact on job growth. Can the US continue to depreciate the world’s base currency?”

#8 International Labour Organization director general Juan Somavia: “Total unemployment could increase by some 20m to a total of 40m in G20 countries by the end of 2012.”

#9 Deutsche Bank CEO Josef Ackerman: “It is an open secret that numerous European banks would not survive having to revalue sovereign debt held on the banking book at market levels.”

#10 Alastair Newton, a strategist for Nomura Securities in London: “We believe that we are just about to enter a critical period for the eurozone and that the threat of some sort of break-up between now and year-end is greater than it has been at any time since the start of the crisis”

#11 Ann Barnhardt, head of Barnhardt Capital Management, Inc.: “It’s over. There is no coming back from this. The only thing that can happen is a total and complete collapse of EVERYTHING we now know, and humanity starts from scratch. And if you think that this collapse is going to play out without one hell of a big hot war, you are sadly, sadly mistaken.”

#12 Lakshman Achuthan of ECRI: “When I call a recession…that means that process is starting to feed on itself, which means that you can yell and scream and you can write a big check, but it’s not going to stop.”

The epicenter of the “next wave” of the financial collapse is going to be in Europe. But that does not mean that the United States is going to be okay. The reality is that the United States never recovered from the last recession and there are already a lot of signs that we are getting ready to enter another major recession. A major financial collapse in Europe would just accelerate our plunge into a new economic crisis.

Now we are fast approaching a day of reckoning. We have been living in the greatest debt bubble in the history of the world, but that bubble is popping. There are several ways that world leaders could handle this, but all of them will lead to greater financial instability.

In the end, you can not save the world, you can only save your own family.

Protect your family while you still have time.

 

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Comments

  1. Pierre Turin says

    It’s not only the end of a system, it’s the end of a mistaked target for human society.
    The present target is …how can I amass as much possible…..
    But the target suggested by the basic intelligence of the Universe is….
    to increase c o n s c i o u s n e s s by struggling my Spiirit throughout the material world….

    That’s why no one has the key to the problem,….. but the supreme intelligence of the Universe.
    As simple as that…

    Pierre

  2. says

    It\’s not only the end of a system, it\’s the end of a mistaked target for human society.
    The present target is …how can I amass as much possible…..
    But the target suggested by the basic intelligence of the Universe is….
    to increase c o n s c i o u s n e s s by struggling my Spiirit throughout the material world….

    That\’s why no one has the key to the problem,….. but the supreme intelligence of the Universe.
    As simple as that…

    Pierre

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